STX Token Debuts on Korean Exchange Bithumb

WOO Network Repurchases Shares in 3AC SettlementWOO Network, a Taiwan-based liquidity provider, has reached a settlement with Teneo, the liquidator of bankrupt Singapore hedge fund Three Arrows Capital (3AC).The settlement involves the repurchase of shares and tokens acquired by 3AC during WOO’s Series A fundraising round in November 2021. This resolution brings finality to 3AC's contentious involvement with the Taiwanese firm.Photo by Joss Woodhead on UnsplashClosing out 3AC involvementOn Wednesday WOO announced the share and token repurchase via a blog post published to its website, signaling the resolution of its dealings with Three Arrows Capital and, consequently, bringing an end to the uncertainties that had enveloped their partnership.In addition to this, a total of 20 million WOO tokens, valued at over $3 million, were repurchased and sent to a burn address to ensure they couldn’t be accessed by anyone. 3AC had not only acquired equity but also 25 million WOO tokens, with the remaining set to vest over the next 12 months.Jack Tan, Co-Founder of WOO Network, emphasized the significance of resolving the 3AC-related issues. Tan commended the proactive collaboration with liquidators to secure a fair agreement for repurchasing their shares, along with vested and vesting tokens, from 3AC’s estate. Tan also welcomed the opportunity to move on from the 3AC entanglement, stating:“The past 18 months have seen a concentration of bad news hit our industry from large-scale failures to more overzealous regulators. A thorough cleansing of the system has taken place and we are looking forward to rebuilding with our partners and team.”Equally WOO Network community members are happy with the outcome, with one stating on X (formerly Twitter): “This is a huge win for the project and its community.”By repurchasing these shares and tokens, WOO Network has effectively severed its ties with 3AC and its creditors, paving the way for a more focused growth trajectory in the upcoming year. Jack Tan observed that the cryptocurrency industry has faced an influx of adverse developments in recent times, including significant failures and heightened regulatory scrutiny. He emphasized that a comprehensive restructuring of the system has occurred and expressed optimism about the future, looking forward to rebuilding alongside their partners and team.In light of these recent developments, WOO Network is poised to move forward with renewed vigor, leaving behind the tumultuous period of the 3AC fallout. This strategic resolution not only ensures a fair and equitable outcome for shareholders but also heralds a promising future for WOO Network in the ever-evolving world of cryptocurrency.According to data from CoinGecko at the time of publication, the WOO Network token price experienced an increase of 1.45% over the past 24 hours, settling at $0.1709, with its trading volume increasing by 2.8% to $8.79 million. However, over the past 30 days, the crypto token has recorded gains of nearly 10.8%, indicating resilience and a positive outlook as it navigates the evolving landscape of the digital asset market.This development, along with the cryptocurrency’s recent performance, underscores the potential for growth and renewed promise within the WOO Network ecosystem. More clarity has been brought to the future of the business as a consequence of bringing finality to this contentious issue.

Mixin Network Suspends Services Amid $200 Million HackOn Monday, Mixin Network, a decentralized peer-to-peer network whose project team is based in Hong Kong, officially confirmed a substantial security breach that resulted in the loss of approximately $200 million in crypto assets from its mainnet.Photo by GuerrillaBuzz on UnsplashSeptember 23 hackThis incident, disclosed via an X (formerly Twitter) post, prompted the immediate suspension of all deposit and withdrawal services on Mixin Network until further notice.The project team outlined that the hack occurred on September 23, exposing vulnerabilities that allowed malicious actors to compromise the database of a third-party cloud service provider. Mixin Network has taken action to address the situation, enlisting the expertise of Singapore-headquartered blockchain security investigator SlowMist and the support of Google to conduct a thorough investigation and formulate a recovery plan.At the time of the breach, Mixin Network’s holdings included $94.48 million in Ether, $23.55 million in Dai, and $23.3 million in Bitcoin, as reported in an independent investigation by PeckShield. The total value of assets affected amounted to $141.32 million.Cyvers, an Israeli Web3 security firm, has also been looking into the matter on Monday. In a social media post, the firm stated:”Our internal investigation has uncovered suspicious funding transactions involving @MixinKernel hacker addresses. Two of hacker addresses received 51 $ETH from 0x1795F0eBDa5A836aE63F28CE546E72de069A8bd2 who was interacted with @HuobiGlobal and @binance.”The firm goes on to call on Binance and its CEO Changpeng Zhao (CZ) and Huobi to help identify the wallet address in question.Halting withdrawalsIn response to the security breach, Mixin Network has temporarily halted all deposits and withdrawals on its platform. These services will only resume once the vulnerabilities have been identified and fully resolved. On X, the project stated:”Deposit and withdrawal services on Mixin Network have been temporarily suspended. After discussion and consensus among all nodes, these services will be reopened once the vulnerabilities are confirmed and fixed. During this period, transfers are not affected.”Details regarding the plans to recover the lost assets for affected users have yet to be announced.Despite initial promises that Mixin Network’s Founder, Feng Xiaodong, would address the incident in a public Mandarin live stream on September 25, links to the live stream were not provided on the official social media channels or the website mixin.network.The incident has garnered criticism on the basis of a lack of decentralization. One commentator stated:”Some of those blockchain protocols are so decentralized that when their cloud database is hacked, coins are also gone.”Ongoing hacksThis security breach on Mixin Network is the latest in a series of high-profile crypto-related incidents. Ethereum Co-Founder Vitalik Buterin recently fell victim to a SIM swap attack, which resulted in the compromise of his X (formerly Twitter) account.In a statement, Buterin revealed that the hackers had successfully executed a SIM swap, a type of attack that targets the victim’s mobile phone number to gain unauthorized access to various online accounts, including social media, banking, and cryptocurrency platforms.The repercussions of the Mixin Network hack underscore the ongoing challenges faced by the crypto industry in ensuring the security and protection of digital assets. As investigations continue, affected users await further developments and the eventual resumption of deposit and withdrawal services.

Jingdong Coinlink Technology Hong Kong Limited, a branch of JD Technology Group, has declared its intention to launch a stablecoin tied 1:1 to the Hong Kong dollar (HKD). Despite its status as a sandbox participant under the Hong Kong Monetary Authority (HKMA), Jingdong Coinlink has clarified that this does not imply endorsement or licensure for stablecoin issuance. The company aims to offer this blockchain-based stablecoin as a solution for businesses seeking efficient, cost-effective and secure payment methods.Photo by Ben Cheung on PexelsThe proposed stablecoin promises redemption on a 1:1 basis, supported by reserves of “highly liquid, highly-trusted assets” held in licensed financial institutions. Furthermore, Jingdong Coinlink commits to ongoing cooperation with global regulatory bodies to ensure compliance with existing and future legal frameworks. Cryptocurrency developments in Hong KongThis announcement comes amidst a series of significant cryptocurrency-related activities in Hong Kong. On July 23, CSOP Asset Management launched Asia’s first Bitcoin futures inverse product, following their successful Bitcoin Futures ETF in December 2022. Additionally, the cryptocurrency exchange HKX recently retracted its application for a license from the HK Securities and Futures Commission (SFC), advising users to withdraw their crypto assets. This withdrawal adds to the growing list of 12 other platforms that have either pulled back their license applications or had them returned by regulatory authorities.